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Microeconomics Study Set 28

Business

Quiz 32 :

The Gains From International Trade

Quiz 32 :

The Gains From International Trade

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A country that engages in no foreign trade is said to be in a situation of
Free
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D

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The existence of any ʺgains from tradeʺ relies on
Free
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C

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One region is said to have an absolute advantage over another region in the production of good X when
Free
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C

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The diagram below shows the domestic demand and supply curves in the market for newsprint in Paperland. img FIGURE 32-5 -Refer to Figure 32-5.If Paperland engages in international trade and the world price is PA,the amount of newsprint produced by Paperland will be
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The diagram below shows the domestic demand and supply curves in the market for newsprint in Paperland. img FIGURE 32-5 -Refer to Figure 32-5.If Paperland engages in international trade and the world price is PA,the amount of newsprint ________ will be ________.
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Trade,whether between individuals or nations,generally promotes
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Suppose Canada could produce all goods and services more cheaply than all other countries.In that case,
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According to what economists call the ʺlaw of one price,ʺ
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The hypothesis that the price of some given internationally traded product in one country will be equal to the price of the same product in some other country is known as
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The diagram below shows the domestic demand and supply curves in the market for newsprint in Paperland. img FIGURE 32-5 -Refer to Figure 32-5.If Paperland does not engage in international trade,the equilibrium quantity of newsprint produced domestically will be
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The increases in a nationʹs output and consumption that result from specialization and trade are called
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Suppose Spain is currently producing 90 units of wine and 10 units of cheese,but to produce 10 more units of cheese it must sacrifice 30 units of wine.Further,suppose that Portugal produces 45 units of wine and 45 units of cheese,but to produce 10 more units of cheese it must sacrifice only 10 units of wine.It can be concluded that
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The ʺlaw of one priceʺ states that the price of
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Consider the trade of a product between two regions.If it is very inexpensive to move the product from one regional market to another,then the
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The diagram below shows the domestic demand and supply curves in the market for newsprint in Paperland. img FIGURE 32-5 -Refer to Figure 32-5.If Paperland engages in international trade and the world price is PC,the amount of newsprint produced by Paperland will be
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The existence of ʺabsolute advantageʺ
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Since 1950,the worldʹs real GDP has increased by seven times and the volume of world trade has increased by roughly
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The diagram below shows the domestic demand and supply curves in the market for newsprint in Paperland. img FIGURE 32-5 -Refer to Figure 32-5.If Paperland engages in international trade and the world price is PC,the amount of newsprint ________ will be ________.
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In 2014 the value of goods exported from Canada was approximately $________ while the value of goods imported was approximately $________. Each of these flows represents ________% of Canadaʹs GDP.
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According to the Heckscher-Ohlin theory,national comparative advantages exist because of
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